CryptoMediaClub
Friday, August 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Trader exploits Multichain opening to turn $280K to $1.9M; community suspects insider job

02.11.2023
A A
0
191
VIEWS
ShareShare

A wallet address turned nearly 1.9 million Fantom (FTM) worth $280,000 to $1.9 million within hours of exploiting the long-frozen Multichain Bridge opening momentarily, leading to insider job speculations among the crypto community.

The Multichain Bridge, frozen since its exploit in July 2023, opened momentarily and closed again on Nov. 1. The wallet seized the opportunity of the momentarily opened bridge to make millions of dollars in profits.

looks like someone was able to drain ~$1MM from @MultichainOrg in the last ~3 hours even though it's supposed to be frozen
withdrew 1.2MM $FTM from binance on @FantomFDN
traded for multichain WBTC/ETH/USDT
bridged out and deposited back to binancehttps://t.co/pP5GluGUH1 pic.twitter.com/AbUJVQBmds

— devops199fan ⌐◨-◨ (@devops199fan) November 1, 2023

Several depegged assets, such as Wrapped Bitcoin (wBTC), cost less on the Fantom network than their originals on the Ethereum network. The wallet used the momentarily opening to swap their FTM tokens for depegged assets on the Fantom network and transfer them to the Ethereum network, regaining their total value.

The wallet address starting from 0x4372 first withdrew 1.9 million FTM tokens from Binance and swapped them for Bitcoin (BTC) on the Fantom Network and then used the BTC for a cross-chain transfer through the Multichain Bridge to Ethereum and received 28.4 wBTC ($977,000), 357 Ether (ETH) ($642,000) and 298,000 Tether (USDT).

Assets swapped by wallet via Multichain.

The wallet address later bridged out the assets and transferred them to Binance. However, more than the wallet address in question, the crypto community was focused on the “Multichain executor.”

Multichain Fantom bridge was exploited for over $126 million in July earlier this year; at the time, several ERC-20 assets — 7,214 Wrapped Ether (wETH) tokens worth $13.6 million, 1,024 wBTC worth $31 million and $58 million worth of USD Coin (USDC) — were drained.

Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets

Many on X (formerly Twitter) questioned the timing of the trade, claiming it to be an insider job as the wallet was the only beneficiary of the bridge opening. One user wrote that Multichain, which was closed for over 120 days, momentarily opened to execute only these particular transactions benefiting the owner.

This is the thing.
Since the multichain debacle the bridge is closed so it’s not possible to do so
Magically today the bridge reopened so this guy was able to buy BTC for cheap on Fantom and resell it on eth

— CryptoDinduz (@CryptoDinduz) November 1, 2023

0xScope, a Web3 data analytics firm, told Cointelegraph there’s no concrete evidence that suggests an inside job by the trader at this moment.

“Upon inspecting Multichain, we observed that it still has some chains that are operational, such as KCC, Moonriver, and Moonbeam. It is likely that the team behind Multichain is attempting to restart their operations.”

There was no official statement from Fantom Network or Multichain by the time of publication

Magazine: Should we ban ransomware payments? It’s an attractive but dangerous idea

Share14Tweet9ShareSharePin3

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
Top Swiss bank launches Bitcoin and Ether trading with SEBA

Top Swiss bank launches Bitcoin and Ether trading with SEBA

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

5-Year Peak in Google Searches for ‘Spot Bitcoin ETF’

2 years ago
Crypto Scammers Use Various Methods to Steal Assets

Crypto Scammers Use Various Methods to Steal Assets

1 year ago
Ledger vulnerability put entire DApp ecosystem at risk: Finance Redefined

Ledger vulnerability put entire DApp ecosystem at risk: Finance Redefined

2 years ago
Shibarium To Unveil Groundbreaking Burning Mechanism: Trillions of SHIB to be Burned

Shibarium To Unveil Groundbreaking Burning Mechanism: Trillions of SHIB to be Burned

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Ex-OpenSea Employee Cleared in First NFT Insider Trading Appeal — Here’s What Changed

Coinbase to Increase BTC Holdings, Offer Tokenized Stocks and Prediction Markets in U.S.

Trump Backs $23B Bitcoin Plan as BTC Dips Below $116K: Is $110K Next?

Illegal Miners in Russian Bitcoin Mining Hotspot Stole $4.3M of Electricity in H1 2025

ChatGPT’s 32-Indicator XRP Analysis Flags Breakout as BlackRock Director Joins Ripple Swell 2025

Altcoin Season Flickers as Cardano, Dogwifhat, Fartcoin Command $1.7B Daily Volume

Trending

Altcoins lead crash as $751M liquidated in last 24 hours and Bitcoin falls to July low
Analysis

Altcoins lead crash as $751M liquidated in last 24 hours and Bitcoin falls to July low

01.08.2025
0

Bitcoin fell below $115,000 on August 1, reaching its lowest level since July 11 after a sustained...

Trump Tariffs Return — What Does It Mean for Bitcoin, Ether, XRP, Crypto?

Trump Tariffs Return — What Does It Mean for Bitcoin, Ether, XRP, Crypto?

01.08.2025
Senator Warren Presses US Banking Regulator Over Trump Family’s Crypto Business Links

Senator Warren Presses US Banking Regulator Over Trump Family’s Crypto Business Links

01.08.2025
Ex-OpenSea Employee Cleared in First NFT Insider Trading Appeal — Here’s What Changed

Ex-OpenSea Employee Cleared in First NFT Insider Trading Appeal — Here’s What Changed

01.08.2025
Coinbase to Increase BTC Holdings, Offer Tokenized Stocks and Prediction Markets in U.S.

Coinbase to Increase BTC Holdings, Offer Tokenized Stocks and Prediction Markets in U.S.

01.08.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz